ART BASEL IN BASEL 2024: A FAIR FOR EVERY BUDGET?

The Masterpiece art fair, previously organized by MCH Group (also the parent group of Art Basel), was closed last year. Additionally, Christie’s has scaled down to a smaller auction of contemporary art, resembling a mid-season sale. The reasons for this are not entirely clear, but it likely reflects an attempt to recalibrate the market offerings. There is a limit to the material available for sale and the capacity of collectors to absorb it. The nonstop events in the Modern and Contemporary field since early May in New York, including Frieze, satellite fairs, and a full week of auctions, followed by Art Basel in Basel, have likely led to this adjustment.

The traditionally significant June auction week in Europe seems to be shifting to October, aligning with the London Frieze and another Art Basel event, this time in Paris. Art Basel in Paris, the new name of the fair after two years of Paris+, will take place at the newly renovated Grand Palais. Conversations in Basel suggested that fewer Americans attended the Swiss fair, possibly opting for Paris instead.

During my week at Art Basel, I observed that most visitors were European, with fewer Asian and American attendees than in previous years. Sales reports varied among galleries; major galleries reported significant sales on the first day, with notable turnover of pieces. However, smaller galleries generally described business as “okay,” meaning they covered costs but achieved little more. The fair's offerings were interesting yet conservative, featuring many blue-chip modern and contemporary names. Few booths outside the “Features” section, which focuses on solo shows of historical artists, showcased solo presentations. A standout was first-time exhibitor Wendi Norris from San Francisco, who presented a solo show of Leonora Carrington. This included the only known double portrait of Carrington with her then-companion Max Ernst, sold on the fair's first day. Norris’s proposal was submitted months before Carrington’s record price of $28.5 million at Sotheby’s in May, which undoubtedly influenced their Basel sales. Carrington’s works on display at Basel ranged from $48,000 to $2.5 million.

The top sale was Joan Mitchell’s Sunflower painting from 1990-91, reportedly sold by David Zwirner for its asking price of $20 million on the first day. The painting was no longer on view the following day, likely en route to its new owner. Gagosian reported no specific sales but exhibited a quick turnover at their booth, indicating strong performance. According to an article on Artnet Pro¹, the “mega” galleries and the “mini-megas” which include White Cube, Thaddaeus Ropac, and Levy Gorvy Dayan, made the biggest sales. The ground floor housed these large galleries, while the first floor featured smaller galleries with younger artists or regionally significant galleries like OMR and Kurimanzutto from Mexico and Fortes D’Aloia from Brazil.

A key difference between Art Basel in Basel and Miami is the significant presence of historical works in the Swiss town. In fact, this June, most notable reported sales occurred in this section, while primary market sales proved more challenging. To name a few, Hauser & Wirth sold a Georgia O’Keeffe for $13.5 million, a Philip Guston for $10 million, two Vilhelm Hammershøis for over $5 million each, and an Arshile Gorky drawing for $16 million, an impressive price for a work on paper. The Vedovi brothers sold René Magritte’s La Chambre d’écoute for an eight-figure sum and Pace Gallery sold an Agnes Martin for $14 million and three editions of a large Dubuffet for $859,000 each.

Another significant aspect of this year’s Art Basel was the presence of artists featured at the current Venice Biennale, such as Jeffrey Gibson, Yinka Shonibare, and Beatriz Milhazes, among others. Notably, the gallery Mennour from Paris showcased several neon-colored works with the phrase "Foreigners Everywhere" by the British-Italian collective Claire Fontaine, that was chosen as the name for the 2024 Biennale.

The Unlimited section at Art Basel showcased large artworks, reminiscent of a biennale but all available for purchase. Seventy artworks were on show. Fittingly, given today’s world, the first encountered by visitors was Mario Siroli’s Project for Peace, a monumental installation of 365 white flags symbolizing peace beyond national borders. Other notable works included Julio Le Parc’s Zepelín de Acero (Steel Zeppelin) and a significant presence of digital art.

Outside the hall, a collaboration between Turkish Airlines and media artist Refik Anadol showcased a project called Inner Portrait, exploring travel’s impact on human biology.

And to for the first time, this June Art Basel introduced a shop offering a range of items from pencils and key-rings to exclusive collectibles, available to fair visitors and the public during the event. The shop was consistently busy, allowing the 91,000 visitors the chance to purchase something from Art Basel, regardless of their budget.

¹ Price sources:

https://news.artnet.com/market/art-basel-2024-art-prices-works-sold-2502183

https://www.artsy.net/article/artsy-editorial-sold-art-basel-2024